Jason Raznick, the President and co-founder of Benzinga.com, dropped by CNBC this morning to discuss the site, social media, and SEC regulation.
“Every day we're writing stories….that create news into ideas that investors can potentially trade off,” Raznick said. “We have 30 to 40 analysts that are constantly watching” for things that could move the market throughout the day.
When asked about the benefits of social media, Raznick said that while there is a lot of noise to weed out, Twitter and other social media sites can be a source for breaking news. “There are [instances] when news is breaking, and no one is covering it, and it's breaking through Twitter,” he said. “We have special algorithms that we're monitoring – all types of feeds, all types of tickers, and it's a full-time force to do that.”
“Because of that,” Raznick adds, “we're the quickest around. We started a new service called pro.benzinga.com, which you can get in realtime, no delays. ‘Cause our website is a little bit delayed, we wanted to have a realtime service where people can sign up and see all this in realtime as it comes out. [It's] even faster than Benzinga.com!”
During the interview, Wall Street Strategies' Brian Sozzi asked about the potential for regulation within social media, either by the SEC or a newfound organization.
“It's an interesting subject,” Raznick said. “What we try to do is give the bullish and the bearish. We're not saying, ‘Go buy this!' or ‘Go buy that!' But we highlight these great calls.
“The future of regulation – I think the SEC will look into Twitter and what moves there, who's posting. It's like a message board, but it's an improved way of monitoring, and it's an easier way to track. So it's something to think about. But at this point, I think we need to let it play out and see what happens two to three years down the road.”
Finally, Raznick was asked if Benzinga was going to get snatched up like HuffPo did.
“It's been an interesting time since that number came out,” he said, referring to the $315 million price that AOL, Inc. AOL paid to acquire the Huffington Post. “We've had some inquiries, but we're not looking to sell unless the right strategic partner came along.”
“We want to grow,” Raznick added. “We're just in the beginning of this. We have a huge vision, and we've only executed a little bit of it so far.”
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